Published on 5/21/2019 in the Prospect News High Yield Daily.
New Issue: Amsted prices $400 million eight-year notes at par to yield 5 5/8%
By Paul A. Harris
Portland, Ore., May 21 – Amsted Industries Inc. priced a $400 million issue of eight-year senior notes (Ba3/BB) at par to yield 5 5/8% in a quick-to-market Tuesday trade, according to market sources.
The yield printed at the tight end of yield talk in the 5¾% area, which was also the initial guidance.
Wells Fargo Securities LLC was the left bookrunner.
Joint bookrunners were BofA Securities Inc., Citigroup Global Markets Inc., Fifth Third Securities Inc., BB&T Capital Markets, J.P. Morgan Securities LLC, PNC Capital Markets LLC, BMO Capital Markets Corp., HSBC Securities (USA) Inc. and U.S. Bancorp Investments Inc.
The Chicago-based manufacturer of highly engineered industrial components plans to use the proceeds to refinance its existing senior notes due 2022 and for general corporate purposes.
| Issuer: | Amsted Industries Inc.
|
| Amount: | $400 million
|
| Maturity: | July 1, 2027
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., Fifth Third Securities Inc., BB&T Capital Markets, J.P. Morgan Securities LLC, PNC Capital Markets LLC, BMO Capital Markets Corp., HSBC Securities (USA) Inc. and U.S. Bancorp Investments Inc.
|
| Co-managers: | Credit Suisse Securities (USA) LLC, BBVA Securities Inc., CIBC World Markets Corp., Huntington Investment Co. and KeyBanc Capital Markets LLC
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 324 bps
|
| First call: | Make-whole call until July 1, 2022, then callable at 102.813
|
| Equity clawback: | 35% at 105.625 until July 1, 2022
|
| Trade date: | May 21
|
| Settlement date: | June 5
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% area
|
| Marketing: | Quick to market
|
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